Trial now

State Debt Sale Smaller Than Indicated


PREVIEW: 40-Year Supply Due


Surge In Imports Dragged On GDP Says ING

Upcoming weekly issuance is a.....>

EUROZONE ISSUANCE: Upcoming weekly issuance is a fairly average-looking E19.3bln
but there are no redemption or coupon payments to assist.
RECAP: Monday saw Slovakia sell E89mln of 3.375% Nov-24 and 1.875% Mar-37.
Belgium sold E1.2bln Olo 0.5% Oct-24, E1.3bln 0.8% Jun-27 and E1.02bln 3.0%
ISSUANCE: On Wednesday, Germany sells E2bln of a new Aug-2048. Thursday is busy
with Spain selling E4-5bln SPGB 0.05% Jan-21, 1.3% Oct-26 and 5.15% Jul-44. Soon
after France sells E6.0-7.0bln of OAT 0% Feb-20, a new OAT 0% Mar-23 and OAT
1.75% Nov-24. Later on French sales continue with OATei 0.1% Mar-21, OATi 0.1%
Mar-28 and OATei 0.7% Jul-30.
CASH FLOW: No significant coupons or redemptions so, gross supply this coming
week will be close net supply i.e. E19.1bln. Be aware that redemptions are
crowded into the final week of September and October.
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance